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Most people probably think of bookkeeping and accounting as the same thing. Bookkeeping is one function of accounting. In contrast, accounting encompasses many processes involved in managing financial affairs. Accountants prepare reports based, in part, on the work of...

It might seem like a no-brainer to define profit and loss precisely. But of course, these have definitions like everything else. Profit can be called different things, for a start. It's sometimes called net income or net earnings. Your real estate business generates...

So what goes on in our bookkeeping department? What do these people do daily? The bookkeeping team does what's important to our clients is process payroll. They must record all the salaries and taxes earned and paid by every employee every pay period - including your...

Suppose everyone involved in the accounting process followed their system or no system at all. In that case, there's be no way to tell whether a company was profitable or not, honestly. Most real estate professionals - especially those that deal with banks for...

A professor at the University of Michigan defined accounting as having one essential function: "facilitating the administration of economic activity. This function has two closely related phases: 1) measuring and arraying economic data, and 2) communicating the...

When you think of accounting, what comes to mind? Usually, the people pay and send out the bills that keep the business running. A good accounting team does a lot more than that. A top-notch team will keep its eye on profits, costs, and business operations. Even if...